Breakthrough steps for Bac Ninh to accelerate
WVR - With the dynamism and high determination of the entire political system and the efforts of the business community and all classes of people, Bac Ninh’s economic scale has made a breakthrough.
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| Chairwoman of the Provincial People’s Committee Nguyen Huong Giang and Chinese businesses at the Investment Promotion Conference of Bac Ninh province in Beijing (China), September 2023. |
Great proactivity, creativity, and innovation
External economic relations are a bright spot in the achievements of 25 years of construction and development of Bac Ninh province, with an outstanding mark of attracting capital investment from 40 countries and territories. In particular, the electronics field has created a major breakthrough for foreign trade activities. Thanks to actively renovating methods, strengthening the effects of promotional activities, attracting investment, and supporting accompanying solutions with businesses, the province’s foreign investment attraction continues to flourish.
Taking avantages of the geographical location in the Nothern Vietnam key economic region, the province has also adjusted the process of selecting strategic breakthroughs in each stage to bring industry to a new level. In addition, supporting industries are being taken into consideration and gradually create a breakthrough, forming links, connecting domestic enterprises with FDI enterprises to develop the global value chain, and gradually creating a solid foundation and affirming its leading role in the economy.
The highlight for development investment is attracting capital from many large economic corporations in the world such as Samsung, Canon, Hong Hai, Nokia, and Microsoft. Accumulated up to now, the province has implemented 2.109 valid foreign investment projects, with a total capital of 24.94 billion USD, ranking 4th in the country regarding accumulated capital investment scale.
The new point in investment promotion and capital attraction is to develop investment combined with industrial clusters’ sustainable development, ensure consistency so that supporting policies always accompany investors, implement high-quality, selective investment attraction, and pay attention to infrastructure investment.
This year, the province’s economic diplomacy activities seem to be busier with meetings and dialogues with a series of domestic and international potential partners, including “Meet Korea in Northern region”, “Dialogue with FDI enterprises”, “Meet Bac Ninh – Japan”, “Investment Promotion Conference of Chinese Electronics Associations”, and “Meet President of US Semiconductor Industry Association”.
Besides, thoroughly grasping external relations under the motto “proactiveness, creativeness, and innovation”, the cooperation with localities and units is also promoted with the signing of Bac Giang-Bac Ninh Development Cooperation, establishing delegations to explore opportunities for cooperation and investment promotion in the US, China, Republic of Korea, Japan and Europe. The province also established a “special working group” with 5 experts to effectively address difficult issues and provide support for businesses, cooperatives, and business households in the area.
Shaping and reinforcement
The 1997-2010 period was the years that shaped the economic development model, with a focus on building synchronous infrastructure, forming concentrated industrial zones, consolidating craft village industrial clusters, attracting capital investment from economic corporations in Japan, Republic of Korea, China, Europe, and the US to build the foundation.
And then, in the 2011-2021 period, the foundation of nearly 15 years ago as well as the increase in capital investment and production expansion of FDI enterprises has created momentum for the province to “accelerate”.
In 2021, the GRDP scale has increased to 227 trillion VND, 5 times higher than in 2010 and 54.1 times higher than in 1997; accounting for 2.71% of the country’s GDP, ranked 8th out of 63 provinces and cities, and 4th in the Red River Delta.
This is a vital mark, making Bac Ninh a highlight in the country’s economic development. From a purely agricultural province, with agriculture accounting for a large proportion of the economic structure and the orientation of transforming the province into an industrial province with flexible mechanisms and policies, the shift in economic structure has been reinforced.
In general, in 25 years, the province’s economic growth speed reached 13.9% per year. In which, the agriculture, forestry, and fishery sector increased with the lowest speed (2.2% per year); the industry - construction sector takes the lead in economic development with a rate of 17.9%, and the service sector also achieves a growth rate of 12% per year.
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| Leaders of Bac Ninh, provinces and cities in the Northern region, representatives of the Republic of Korea’s Ministry of Foreign Affairs, Embassies, and businesses at the “Meet Korea in 2023” program held in Bac Ninh province, May 2023. |
The economic scale has expanded and the economic base has grown rapidly. These factors contribute to increase in budget revenues. Since 2011, Bac Ninh has been the 13th province about self-balance and regulate the central budget (7% per year). In 2021, the province’s total state budget revenue is estimated at 33.26 trillion VND, 168 times higher than in 1997, and the average growth rate in the 1997-2021 period is 23.7% per year.
Overcoming this year’s obstacles, Gross Regional Domestic Product (GRDP) is estimated to reach 220.2 trillion VND. Regarding economic structure, the industry - construction sector accounts for 72.18%; services account for 20.68%; agriculture, forestry and fisheries account for 2.88%; taxes less subsidies on product reaches 4.26%. Total state budget revenue in the area is estimated to reach 27.966 billion VND, exports and imports are estimated to reach 40.342 and 33.280 million USD respectively.
Shaping a reasonable development model and successfully completing development goals in terms of scale, Bac Ninh has not only become a solid growth pole of the Northern and the Capital key economic region, but also makes an important contribution to the national economy’s overall growth.
| Bac Ninh sets various important foreign affairs tasks and promotes local-level cooperation with foreign partners In 2024, we hope that the Ministry of Foreign Affairs will continue to support the province complete it’s foreign policy goals, specifically as follows: Continue to create more favorable conditions for connection and construction, especially with ways to help localities work directly and mobilize investors effectively; help Bac Ninh promote its investment, trade, image, culture, and tourism to countries and territories around the world. Support effective implementation of local cooperation between Bac Ninh and localities in countries such as Germany, China, Korea, Kazakhstan, and Japan. Pay attention and promote the Vietnamese Village Project - currently being submitted to the competent authorities for approval by Bonghwa district, Gyeongsangbuk province, Korea. The project has a total estimated capital of 160 million USD, including main architectures, such as: Ly Dynasty palace, Quan ho folk music area, Vietnamese traditional houses, and Korea – Vietnam memorial road. Bac Ninh respectfully requests the Ministry of Foreign Affairs to integrate the project’s introduction and suggests the Republic of Korea's Government support the project in meetings between the two countries in the upcoming time, especially high-level ones. Strengthen the introduction and coordination of NGO programs and projects in four areas that the province prioritizes in the 2021 – 2025 period, including: Environmental protection, especially craft village environment; enhance competitiveness for small and medium-sized enterprises in domestic supporting industries; address social problems, vocational training, and vocational education. Create favorable conditions for the province to participate in working groups to learn from experiences in advocating and managing NGO projects; provide information about overseas Bac Ninh people to support the province in investigating and making statistics; Support training, fostering, improving professional qualifications, skills and foreign languages for staff working in external affairs. Advocate and promote UNESCO to soon register “Dong Ho folk painting craft” on the list of Intangible Cultural Heritage in need of urgent safeguarding; continue to support the province in promoting countries and territories to get involved in placing national and territorial symbols at the International Friendship Park. |
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